Town of Greenwich, Connecticut
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PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 23, 2020 NEW ISSUE / REFUNDING -Book-Entry-Only RATINGS: (See “Ratings” herein) In the opinion of Bond Counsel, based on existing statutes and court decisions and assuming continuing compliance with certain covenants and procedures relating to requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds and the Notes is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. In the opinion of Bond Counsel, based on existing statutes, interest on the Bonds and the Notes is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax. See “Tax Matters” herein. TOWN OF GREENWICH, CONNECTICUT $30,000,000 GENERAL OBLIGATION BONDS, ISSUE OF 2021, SERIES A Dated: Date of Delivery Due: January 15, 2022-2026 The $30,000,000 General Obligation Bonds, Issue of 2021, Series A (the “Series A Bonds”) will be general obligations of the Town of Greenwich, Connecticut (the “Town”), and the Town will pledge its full faith and credit to pay the principal and interest on the Series A Bonds when due. See “Security and Remedies” herein. Interest on the Series A Bonds will be payable on July 15, 2021 and semiannually thereafter on January 15 and July 15 in each year until maturity. The Series A Bonds are not subject to redemption prior to maturity as described herein. See “Optional Redemption”. The Series A Bonds are being offered for sale in accordance with an official Notice of Sale dated December 23, 2020. Electronic bids via PARITY® for the Series A Bonds will be received until 11:00 A.M (E.T.) on January 5, 2021, at the Office of the Comptroller, Town Hall, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830, as described in the official Notice of Sale. (See “Appendix G” herein). $10,235,000* GENERAL OBLIGATION REFUNDING BONDS, ISSUE OF 2021, SERIES B Dated: Date of Delivery Due: June 1, 2021-2035 The $10,235,000* General Obligation Refunding Bonds, Issue of 2021, Series B (the “Series B Bonds,” and together with the Series A Bonds, the “Bonds”) will be general obligations of the Town, and the Town will pledge its full faith and credit to pay the principal and interest on the Series B Bonds when due. See “Security and Remedies” herein. Interest on the Series B Bonds will be payable on June 1, 2021 and semiannually thereafter on December 1 and June 1 in each year until maturity or earlier redemption. The Series B Bonds are subject to redemption prior to maturity as described herein. See “Optional Redemption”. The Series B Bonds are being offered for sale in accordance with an official Notice of Sale dated December 23, 2020. Electronic bids via PARITY® for the Series B Bonds will be received until 11:30 A.M (E.T.) on January 5, 2021, at the Office of the Comptroller, Town Hall, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830, as described in the official Notice of Sale. (See “Appendix H” herein). $55,000,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES, ISSUE OF 2021 Dated: January 14, 2021 Due: January 13, 2022 The $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021 will be general obligations of the Town and the Town will pledge its full faith and credit to pay the principal of and interest on the Notes when due. See “Security and Remedies” herein. Interest on the Notes will be payable at maturity on January 13, 2022 as described herein. The Notes are not subject to redemption prior to maturity. The Notes are being offered for sale in accordance with an official Notice of Sale dated December 23, 2020. Electronic bids via PARITY® for the Notes will be received until 12:00 Noon (E.T.) on January 5, 2021, at the Office of the Comptroller, Town Hall, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830, as described in the official Notice of Sale. (See “Appendix I” herein). The Bonds and the Notes will be issuable only as fully registered bonds, without coupons, and when issued, will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry-only form. Purchasers of the Bonds and the Notes will not receive certificates representing their ownership interest in the Bonds and the Notes. So long as Cede & Co. is the Bondowner, as nominee of DTC, reference herein to the Bondowner, Noteowner or owners shall mean Cede & Co. as aforesaid, and shall not mean the beneficial owners (as described herein) of the Bonds and the Notes. (See “Book-Entry-Only Transfer System” herein.) The Registrar, Certifying Bank, Transfer, Paying and Escrow Agent will be U.S. Bank National Association, Hartford, Connecticut. The Bonds and the Notes are offered for delivery when, as and if issued, subject to the final approving opinion of Robinson & Cole LLP, Bond Counsel, of Hartford, Connecticut. It is expected that delivery of the Bonds and the Notes in book-entry form will be made to DTC on or about January 14, 2021. This cover page contains certain information for quick reference only. It is NOT a summary of this issues. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to an offer solicitation of or the to sell Preliminary shall this no circumstances Under offer constitute an Official Statement This Preliminary amendment. completion or subject to herein are contained the information Statement and Official any priorlaws of or qualification under the securities to registration would be unlawful solicitation or sale sale of the securities nor will there be any described in this Preliminary jurisdiction Official Statement in any in which such offer, buy, such jurisdiction. * Preliminary, subject to change. TOWN OF GREENWICH, CONNECTICUT $30,000,000 GENERAL OBLIGATION BONDS, ISSUE OF 2021, SERIES A Dated: Date of Delivery MATURITY SCHEDULE Due: January 15, 2022-2026 Maturity Amount Coupon Yield CUSIP1 Maturity Amount Coupon Yield CUSIP 2022 $6,000,000 %% 396784*** 2025 $6,000,000 %% 396784*** 2023 6,000,000 396784*** 2026 6,000,000 396784*** 2024 6,000,000 396784*** $10,235,000* GENERAL OBLIGATION REFUNDING BONDS, ISSUE OF 2021, SERIES B Dated: Date of Delivery MATURITY SCHEDULE* Due: June 1, 2021-2035 Maturity Amount* Coupon Yield CUSIP1 Maturity Amount* Coupon Yield CUSIP1 2021 $1,570,000 %% 396784*** 2029 $530,000 %% 396784*** 2022 1,940,000 396784*** 2030 545,000 396784*** 2023 2,010,000 396784*** 2031 310,000 396784*** 2024 255,000 396784*** 2032 560,000 396784*** 2025 260,000 396784*** 2033 320,000 396784*** 2026 260,000 396784*** 2034 320,000 396784*** 2027 510,000 396784*** 2035 325,000 396784*** 2028 520,000 396784*** $55,000,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES, ISSUE OF 2021 Dated: January 14, 2021 Due: January 13, 2022 Amount Coupon Yield CUSIP1 $55,000,000 % % 396784*** ______________ 1 Copyright, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Town and are included solely for the convenience of the holders of the Bonds. The Town is not responsible for the selection or use of these CUSIP numbers, does not undertake any responsibility for their accuracy, and makes no represen- tation as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. * Preliminary, subject to change. No dealer, broker, salesman or other person has been authorized by the Town of Greenwich, Connecticut (the "Town"), to give any information or to make any representations not contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds or the Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement has been prepared only in connection with the initial offering and sale of the Bonds and the Notes and may not be reproduced or used in whole or in part for any other purpose. The information, estimates and expressions of opinion in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the Bonds and the Notes shall, under any circumstances, create any implication that there has been no material change in the affairs of the Town since the date of this Official Statement.